Course Title: Undertake risk identification

Part B: Course Detail

Teaching Period: Term2 2018

Course Code: BUSM8007C

Course Title: Undertake risk identification

School: 650T Vocational Business Education

Campus: City Campus

Program: C5379 - Diploma of Financial Services

Course Contact: Callie Harvey

Course Contact Phone: +61 3 9925 5772

Course Contact Email: callie.harve@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Andrew Shiangolis

Course Coordinator - Financial Services

03 9925 55982

andrew.shiangolis@rmit.edu.au

 

 

 

Nominal Hours: 40

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

None

Course Description

This unit describes the skills and knowledge required to identify the financial risks faced by an organisation, evaluate existing risk controls and recommend improvements appropriate to mitigate the impact of those risks.

 

It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to monitor and manage information relevant to organisational activity.

 

No licensing, legislative or certification requirements apply to this unit at the time of publication.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSRSK501 Undertake risk identification

Element:

1. Communicate with relevant internal and external stakeholders at each stage

Performance Criteria:

1.1 Identify stakeholders and provide information pertinent to financial and legislative risk identification

1.2 Seek out and record views of stakeholders

1.3 Explain use of Australian Risk Management Standards in risk identification and risk control

Element:

2. Identify and describe risk

Performance Criteria:

2.1 Define organisational environment and boundaries of review in consultation with stakeholders

2.2 Identify risk cluster elements and describe risks clearly to stakeholders

2.3 Obtain information on risks as identified by stakeholders

Element:

3. Identify and assess controls

Performance Criteria:

3.1 Identify existing controls and evaluate their effectiveness

3.2 Establish need for additional or improved controls

3.3 Recommend amendments to existing controls and report need for new controls if required


Learning Outcomes



Details of Learning Activities

The diploma is mainly taught face-to-face in a classroom setting with some structured online components. The online components will require you to actively participate in a teacher led e-learning environment through the use of discussion boards, online quizzes and action learning activities.

RMIT offers a variety of learning and teaching approaches including group discussions, tutorials, workplace simulated projects, online quizzes, role plays and case studies.

RMIT’s simulated work environment (Practice Firm), called The Swanston Banking Group Ltd, is a key feature of the diploma so we can deliver coursework and current industry practices. Within the firm you will be required to undertake a range of work-related activities. You will have the opportunity to develop skills in collaboration, structuring meetings, working with client files and engaging with simulated clients in the form of role plays. You will assume the role of the financial services industry professional working in the Practice Firm as an employee with a position description.  You will be expected to follow the bank’s policies and procedures.

In your roles you will be provided with a  customer brief and you will be required to assess the client’s future financial status, or research and recommend services and products to meet their needs.

We expect you to participate and contribute in all scheduled learning activities.

Learning Outcomes

 

After completing this course, you will be able to:

  1. Communicate with relevant internal and external stakeholders at each stage
  2. Identify and describe risk
  3. Identify and assess controls
  4. Develop risk evaluation criteria
  5. Assess current exposure
  6. Compare exposure with guidelines
  7. Prepare probability assessment
  8. Communicate with relevant internal and external stakeholders

Learning Activities

 

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

 

The self-paced activities will be delivered thought the Canvas learning management system and include your contribution to discussion threads, project portfolios, quizzes and interactive sessions.

 

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.

 

We expect you to participate and contribute in all scheduled learning activities.


Teaching Schedule

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course.  This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities

  

Teaching Schedule 

This course is clustered (co-delivered and co-assessed), the two clustered units are FNSRSK501 Undertake Risk Identification and FNSRSK502 Assess Risks.

 

 

 

Course schedule

Wk

 

Week Commencing

Topics

Online activity

Assessment

Competencies Delivered

1

2/072018

Introduction to the Course including:

·       Course requirements

·       Course support documents

·       CANVAS access to the course

·       Accuracy of enrolment

·       Assessment requirements

·       Reminder re Plagiarism

·       Reminder re Appeals

·       Extensions/Resubmissions

·       Feedback in this course

·       Reminder re submission requirements

·       Getting help

Students are required to undertake 1 additional hour per week for structured online learning and submit their work online for Teacher Feedback

 

FNSRSK501 Undertake Risk Identification

 

9/07/2018

What is Risk?

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment No. 1 of 2 - Risk Management - Developing organisational environment - made available

FNSRSK501 Undertake Risk Identification

3

16/07/2018

Standards Australia

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSRSK501 Undertake Risk Identification

4

23/07/208

Introduction to personal risk

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment No. 1 of 2 - Risk Management - Developing organisational environment - stage 1Stakeholder Consultation

FNSRSK501 Undertake Risk Identification

5

30/07/2018

Identify and describe risk

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment No. 1 of 2 - Risk Management - Developing organisational environment stage 2 Risk Evaluation and Matrix Development

FNSRSK501 Undertake Risk Identification

6

6/08/2018

Identify and describe risk

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment No. 1 of 2 - Risk Management - Developing organisational environment stage 3 Report presentations

FNSRSK501 Undertake Risk Identification

7

13/08/2018

Identify and assess control

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSRSK501 Undertake Risk Identification

8

20/08/2018

Identify and assess control

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment No. 1 of 2 - Risk Management - Developing organisational environment. This assessment is to be completed by week 8 of the first semester of commencing this unit.

Assessment 1 Due 24/08/18

FNSRSK501 Undertake Risk Identification

 

 

Mid semester break (27/08-2/09 inclusive)

 

 

 

      

9

3/09/2018

Communication

1 hour weekly online learning and submitted online for Teacher Feedback

 

 

10

10/09/2018

Develop risk evaluation criteria

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment No. 2 of 2 Risk Management - Identifying, assess and Record stage 1 Identifying risk source areas

FNSRSK502 Assess Risk

11

17/09/2018

Assess current risk

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment No. 2 of 2 Risk Management - Identifying, assess and Record -  stage 2 Assess current Risks

FNSRSK502 Assess Risk

12

24/09/2018

Assess current risk

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSRSK502 Assess Risk

13

1/10/2018

Compare exposure with guidelines

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment No. 2 of 2 Risk Management - Identifying, assess and Record stage 3 Record Guidelines and summary

FNSRSK502 Assess Risk

14

8/10/2018

Develop & maintain your own knowledge & skills

 

1 hour weekly online learning and submitted online for Teacher Feedback

 

FNSRSK502 Assess Risk

15

15/10/2018

 

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment No. 2 of 2 Risk Management - Identifying, assess and Record, this assessment is to be completed by week 15 of the first semester of commencing this unit.

Assessment 2 Due Date 19/10/18

 

16

22/10/2018

Interviews/Re-submission/s if required

 

.

 

17

29/10/2018

Interviews/Re-submission/s if required

 

 

 

 


Learning Resources

Prescribed Texts


References


Other Resources

Learning Resources

 

Reading:


Overview of Assessment

In order to achieve competency in this unit, you must provide

Performance evidence

Evidence of the ability to:

  • effectively liaise and communicate with stakeholders regarding risk identification
  • identify financial risk clusters, and analyse and prioritise the risks
  • document risks and controls, and make recommendations for risk control improvements.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • identify and explain the role of internal and external stakeholders relevant to risk
  • identify and explain the key features and purpose of the Australian standards for risk management
  • compare and contrast methods of identifying financial and legislative risks
  • explain the concept of risk clusters
  • explain the key principles and practices of risk management
  • explain the key principles and importance of risk controls
  • explain risk mitigation strategies.

 

Assessment conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the risk management field of work and include access to:

  • office equipment, technology, software and consumables
  • relevant legislation, regulations and codes of practice
  • relevant Australian standards relating to risk management.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course. 

 

 

 


Assessment Tasks

This course is clustered (co-delivered and co-assessed), the two clustered units are FNSRSK501 Undertake Risk Identification and FNSRSK502 Assess Risks.

 

You will demonstrate competency by undertaking two assessments.The assessments for this course have been designed to allow you to apply your learning to particular workplace scenarios and demonstrate your competence in a variety of ways.

Critical Aspects of assessment are described above in the performance evidence for this course.

 

Assessment Task 1 -  Risk Management - Developing organisational environment -  Due 24/08/18 - Week 8

 

Summary and Purpose of Assessment

This project is consists of three sub-assessment tasks that you need to complete satisfactorily, in order to be deemed competent for this unit.  Completing this project allows you to demonstrate your skills and knowledge in:

  • Risk and risk management
  • Communicating and collaborating with stakeholders
  • Develop agreed organisational risk boundaries
  • Identify and describe risk inline with Standards Australia
  • Identifying and assessing risk controls

Assessment Instructions

BY the end of this assessment you will have completed the Swanston Banking Group Risk Management Framework document. Currently within this document there are some missing information, information that needs to be reviewed and completed by you, in collaboration with stakeholders as required.

For this assessment you will asked to complete the following project over three stages:

Stage 1 Stakeholder consultation.

The Task

In groups (group size to be decided by the facilitator) you are to meet with Swanston Banking Group (SBG) CEO (or selected representative) and identify the organisations environment and boundaries.

What

For an organisation to develop its own risk management matrix you will first need to understand the organisations risk profile/attitude to risk, including the organisations environment and boundaries.

In order to understand the organisations environment and boundaries, you first need to meet with the CEO (or selected representative) and gain the relevant information on the organisations vision and values and document the operating environment and boundaries.

You will need to:

    1. Record organisations Vision and Values
    2. Summarise the organisations operating environment;
    3. List the key risks the organisation is exposed to in this environment.
    4. Document this in a word formatted SBG letterhead, following the branding guidelines so it can be presented to the CEO (or allocated representative).

Where

This sub-assessment task will be conducted in class with all reports and outcomes to be worked on within your assigned groups in class. Every group member must, however, complete their own report and be involved in the questions of the SBG representative. 

Stage 2. Risk Evaluation and Matrix development

The Task

Utilising the knowledge gained from your meeting with the SBG representative, you’re to document the risk matrix and Risk Evaluation Rule that is unique to SBG.

What

Your task is to complete the Risk Matrix table and Risk Evaluation Rule table within the Swanston Banking Group Risk Management Framework.

You will need to:

  • Enter the matrix risk rankings in the table, the risk ranking needs to align to the organisation attitude to risk.
  • Define in the risk evaluation rule how each risk level profile will be treated.
  • Download the Swanston Street Banking Group Risk Management Framework from Canvas

Where

This sub-assessment task will be conducted in class with all reports and outcomes to be worked on within your assigned groups in class. Every group member must, however, complete his or her own report and be involved in the questioning of the SBG representative. 

Stage 3. Report Presentation

The Task

In a full written report you are to present your rational and documented risk management plan as per the previous stage (2)

What

Your task is to present your completed Swanston Banking Group Risk Framework document to the company executives. In the presentation you must:

  • Provide the rational behind your risk rankings and the risk evaluation;
  • Gain agreement from the SBG executives and/or make adjustments as required.

Where

This delivery of the sub-assessment task will be conducted within class timetables. However, it is expected that the majority of this assessment preparation will be completed outside of class

 

Assessment Task 2 -  Risk Management - Identifying, assess and record - Due Date 19/10/18 - Week 15

 

Summary and Purpose of Assessment

This project is consists of three sub-assessment tasks that you need to complete satisfactorily, in order to be deemed competent for this unit.  Completing this project allows you to demonstrate your skills and knowledge in:

  • Risk and risk management
  • Communicating and collaborating with stakeholders
  • Develop agreed organisational risk boundaries
  • Identify and describe risk inline with Standards Australia
  • Identifying and assessing risk controls

Assessment Instructions

By the end of this assessment you will have completed the Swanston Banking Group Risk Management Framework document. Currently within this document there are some missing information, information that needs to be reviewed and completed by you, in collaboration with stakeholders as required.

For this assessment you will asked to complete the following project over three stages:

Stage 1 Identifying risk source areas.

The Task

In groups (group size to be decided by the facilitator) you are to document and identify the potential sources of risk to Swanston Banking Group, under the 9 key risk areas as provided within the PowerPoint presentation for this course.

What

Developing a ‘Risk Areas’ table you will need to:

    1. Identify risk sources relevant to SBG
    2. Record risk sources relevant to SBG
    3. Document this in a word formatted SBG letterhead, following the branding guidelines so it can be incorporated into SBG policies and procedure documentation.
    4. Work collaboratively within a team

Where

This sub-assessment task will be conducted in class with all reports and outcomes to be worked on within your assigned groups in class. Every group member must, however, complete their own report and be involved in the questions and research. 

Stage 2. Assess current risks

The Task

Selecting 2 of the identified risk sources complete a risk assessment of each of the courses of risk for SBG.

What

Your task is to complete a risk management report on each of the risk sources you have identified. In this process you must:

  1. Use the SBG Risk Management Assessment tools
  2. Provide a report on each risk, utilising the risk treatment and action plan worksheet
  3. Document the risk on the risk management risk register
  4. Download the Swanston Street Banking Group Risk Management Framework from Canvas

Where

This sub-assessment task will be conducted in class with all reports and outcomes to be worked on individually, however, students can collaborate in their teams.

Stage 3. Record guidelines and summary

The Task

In a full written report you are to document a risk assessment guideline. The objective of the reports is to provide clear guidance for SBG staff and stakeholders on reducing their risk from the identified guideline area.

What

Your task is to write 1 report on your selected guideline (Guidelines identified on the canvas following an activity in week13), reports must cover:

  • Introduction to the guideline
  • Guideline rationale
  • Summary of evidence
  • Advice

Where

This delivery of the sub-assessment task will be conducted within class timetables. However, it is expected that work for this assessment will also be completed outside of class

 

 

 


Assessment Matrix

The assessment matrix that maps all the assessment is available on CANVAS 

Other Information

Submission Requirements

 

You should:

 

  • Ensure that you submit assessments on or before the due date. 
  • Always retain a copy of your assessment tasks. (hard copy and soft copy)
  • When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
  • Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers.

Late Submission Procedures

You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.

If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.

More Information:  https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work

Where an extension of greater than seven days is needed, you must apply for Special Consideration.  Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.

More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration

Resubmissions (VET Programs):

If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 

If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.

Grading & re-submissions

Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course.

Adjustments to Assessment

In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

Marking Guide (Competency):

 

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

 

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.

 

 

Marking Guide (Grading)

 

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

 

Final Grades table:

 

 

CHD

Competent with High Distinction

 

 

CDI

Competent with Distinction

 

 

CC

Competent with Credit

 

 

CAG

Competency Achieved – Graded

 

 

CA

Competency Achieved – Not Graded

 

 

NYC

Not Yet Competent

 

 

DNS

Did Not Submit for assessment

 

 

 

 

 

 

 

Further information regarding the application of the grading criteria will be provided by your teacher.

Course Overview: Access Course Overview